100 Dollar Bills Printing Error
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Main| Politics Lead| National Lead| World Lead| Money Lead| Sports Lead| Pop Lead| Buried Lead| Click http://thelead.blogs.cnn.com/2013/08/26/30-million-100-bills-deemed-unusuable/ to watch video August 26th, 2013 06:38 PM ET Share this on: Facebook Twitter Digg del.icio.us reddit MySpace StumbleUpon Printing error botches new $100 bills, could cost taxpayers $4 million The Bureau of Engraving http://www.aol.com/article/2013/08/14/new-hundred-dollar-bills-printing-defects-shred/20693917/ and Printing is reinspecting 30 million brand new $100 bills after the Federal Reserve deemed them unusable because of a printing error. After a decade of research and development, the so-called money factory dollar bill designed a new Benjamin that should have been released hands in 2011. "It's certainly one of the most valuable bills to counterfeit," said Benjamin Mazzotta, a currency expert at Tufts University. The mint was supposed to print a new design back in 2011. But they keep botching the bill. The first batch ended up with a blank spot, and the second round was lifted by thieves on 100 dollar bill their way to the Federal Reserve, and now there is a problem with excess ink. "Ironically it appears to be any of those advanced features themselves which are causing the problem. It's the way the paper they are using for this generation of printing is responding to the weight of the printing press," said Mazzotta. The error could cost taxpayers about $4 million because the current bill costs 7.8 cents to produce, compared to 12.6 cents for the new one. New security features include a blue ribbon that is woven into the middle of the bill with alternating 100s, liberty bells that move when the bill is tilted, and an image of a copper inkwell that contains a liberty bell inside it that turns green when the bill is moved. "If you're in the business of counterfeiting, every year that they don't release this, is a year that you can pass your old-fashioned $100 bills that much easier," said Mazzotta. The government says crisp new bills should be ready to change hands by October 8, then the arms race against counterfeiters begins again. A spokeswoman for the Bureau of Engraving and Printing told CNN Monday less than 1% of theDefective? No, More Likely, It's Thousands Before you go, we thought you'd like these... READ MORE READ MORE READ MORE Share Matt Brownell Aug 14th 2013 9:55AM Alamy (UPDATE AND CORRECTION:) Turns out, the folks over at the Bureau of Printing and Engraving didn't "mash" things up in the run-up to the launch of the new $100 bill nearly as badly as had originally been reported. The original version of this article referred to a report indicating that the government would need to destroy $3 billion in defective hundred-dollar bills. We, and other media outlets, brought news of that report to our readers. But, after speaking with representatives from the BPE, it's clear that the screw-up is on a much smaller scale, and only a tiny percentage of the returned bills will need to be destroyed. According to a Bureau spokesperson, the "mashing" issue affecting the bills is actually fairly common, appearing in about 0.1 percent of all printed bills. Usually those bills are flagged for removal before being delivered to the Federal Reserve, but in this case, the normal quality control process failed for reasons unknown. Upon discovering that the shipment contained some defective bills, the Fed returned the entire batch to the Bureau for re-inspection. The Bureau expects that upon re-inspection, the returned shipment of 30 million bills will be found to have the usual defect rate of 0.1 percent, and those bills will be removed; the rest will be returned to the Fed. Thus, the total number of bills expected to be destroyed is far lower than initially reported: By our math, around 30,000 bills, or $3 million worth, will need to be replaced. The cost of destroying and replacing these bills is likewise expected to be far lower than reported. There's no doubt that the Bureau of Printing and Engraving has been facing some serious issues: The redesign project is well behind schedule, and Bureau representatives still don't know what caused this latest screw-up. But it now appears that the magnitude of this is far lower than initially reported, and we apologize for the error. While the re-inspection proce